Outsourcing Payroll: Are you missing out?

Posted on 2/11/2017 by David Walsh

Looking to grow your Business? Looking to free up time and improve efficiency?

Outsourcing payroll at first glance seems like another cost taking away from your business profits and it can easily be done yourself without inducing those extra costs. The reality of the matter is if you aren’t outsourcing your payroll - you are losing. Payroll is tedious yet fundamental to a business’s success, it’s how you reward your employee for their work, and any miscalculations or errors can lead to a dissatisfied workforce.

“I have procedures to stop miscalculations or errors happening on my payroll”.

While you could run a smooth payroll every week there have been high profile cases where multinationals failed them and the costs where high. In May 2015 the John Lewis Partnership breached minimum wage legislation in the UK which led £36 million being returned to staff. Even large multinationals aren’t immune to Payroll mishaps

So what are the benefits of outsourcing Payroll? Well first, in any business, time is money and the time taken every pay period ensuring everything is correct is taking time away that could be spent on growing your business. Marketing and strategizing can be allocated more time and this in turn can lead to increased sales and more productivity.

Another benefit for your business, one that is more relevant in today’s markets, is an improved data security. Payroll providers generally have their data saved on high secure servers with strong encryption technology. The cost for the same level of security for an in-house payroll can be a large investment and with the rapid advancement of technology may be out of date in less than 3 years.

Our professional payroll team will maximize your tax efficiencies and may uncover potential cost savings for you and your employees

You eliminate the need for separate payroll software, licenses, support and on-going training.

You always have payroll cover - no need to pay for holiday/sickness/emergency cover.

Your payroll is compliant with regulatory and legislative requirements.

You complete accurate and timely payroll and Revenue submissions.

You build positive relationships between employer and employee by providing on time, accurate payment of wages supported by high quality support and information throughout the year.

You avoid the hassle of keeping up-to-date with changes in PAYE, PRSI, USC and BIK calculations and employment law issues.

You have access to a flexible service, designed to cope with your changing needs without the need for additional staff or capital outlay.

You are up-to-date and compliant with Employer obligations reducing the likelihood of expensive litigation, penalties, fines and adverse outcomes on business image and goodwill.

While the initial cost of outsourcing your payroll may deter some businesses, the monthly and yearly gains to be made from freeing up employees and time, while ridding your company of processes that are tedious and time consuming, can be hugely beneficial. It allows you to use your valuable time to concentrate on your business and to grow it on how you see fit.

Call ICE Pay on 091-546700 for more information and ask to speak to our payroll specialist.